Discretionary Limit™
Functionality
Example Scenario
Quote is Stable. The Signal is "Off."
The NBBO is $10.10 x $10.14. D-Limit buy order is booked at $10.10. The quote is stable.
ISO Sell order with a $10.09 limit crosses the spread; trade occurs at the resting price of $10.10.
One
Quote is Crumbling. The Signal is "On."
The NBBO is $10.10 x $10.14. A D-Limit buy order with a limit of $10.10 is booked at $10.09, 1 MPV below the unstable price ($10.10). The quote is unstable.
ISO Sell order with a $10.09 limit crosses the spread; trade occurs at the resting price of $10.09.
Two
Example Scenario
One
Two
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